Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,621/mo
Lowest payment- Down payment
- $306,978
- Funds due
- $320,301
- Interest + MI left
- $91,679
- First ends
- Apr 2051
Assumption
Assumption + second
$3,412/mo
+$1,791/mo- Down payment
- $56,978
- Funds due
- $72,028
- Interest + MI left
- $486,450
- First ends
- Apr 2051
New loan
New conventional
$3,949/mo
+$2,328/mo- Down payment
- $56,978
- Funds due
- $68,396
- Interest + MI left
- $735,401
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,022 | $253,022 | $503,022 |
| Second mortgage | — | $250,000 | — |
| First P&I | $1,180.48 | $1,180.48 | $3,407.65 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $100.60 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $1,621.15 | $3,412.18 | $3,948.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,978
Closing costs & prepaids$15,050
Usable credit−$0
Total buyer cash needed$72,028
Earnest money paid−$0
Remaining funds due$72,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,265.11
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$672.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$167.20
Prepaid interest, second (9 days)$477.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 4 moOf the original 30-year loan at 2.68%
Interest already paid$41,488Through Dec 2026
Assumption only · ends Apr 2051$91,679
Assumption + second · ends Apr 2051, second Jan 2057$486,450
New conventional · ends Jan 2057$735,401